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  • #76
    Re: Nice Planet IX: Oh that's just GREAT...

    Originally posted by LynahFan View Post
    This doesn't automatically have to be the case. Why can't you set the flat tax rate to collect whatever amount of revenue you like?

    Just depends whose taxes go up and whose go down. I'm guessing there are a whole lot of really rich people who are able to take advantage of tax loopholes to pay obscenely low rates. As long as those loopholes close (I know, I know - stop laughing!), I would think a lot of rich people would pay more.
    What would a CPA do if all the loopholes close?
    I swear there ain't no heaven but I pray there ain't no hell.

    Maine Hockey Love it or Leave it

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    • #77
      Re: Nice Planet IX: Oh that's just GREAT...

      Originally posted by walrus View Post
      What would a CPA do if all the loopholes close?
      I'm taking my first-ever accounting class right now - tax prep is a tiny part of what CPAs do.
      If you don't change the world today, how can it be any better tomorrow?

      Comment

      • #78
        Re: Nice Planet IX: Oh that's just GREAT...

        Originally posted by Handyman View Post
        Sweet, you realize that a flat tax means cops, fire fighters, department of transportation and pretty much every other public works you care about will be underfunded right?
        How so? those services are provided mostly by municipalities, supported by sales tax (i.e. a "flat tax" on your purchases) or a property tax (i.e. the same fixed mil rate for all property owners). So the services you list are already supported by a flat tax rate.


        I'd prefer lower income tax rates across the board supplanted by a wealth tax. We want people to be ambitious and improve themselves and make the world a better place through hard work and enterprise and then tax them for it as a result? Income tax is goofy perverse for incentives. A 1% wealth tax would not be so bad and it would probably be the same as a 10% income tax though I lack the data.
        "Hope is a good thing; maybe the best of things."

        "Beer is a sign that God loves us and wants us to be happy." -- Benjamin Franklin

        "Being Irish, he had an abiding sense of tragedy, which sustained him through temporary periods of joy." -- W. B. Yeats

        "People generally are most impatient with those flaws in others about which they are most ashamed of in themselves." - folk wisdom

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        • #79
          Re: Nice Planet IX: Oh that's just GREAT...

          Originally posted by FreshFish View Post
          A 1% wealth tax would not be so bad and it would probably be the same as a 10% income tax though I lack the data.
          I wouldn't mind putting a wealth tax in place if we could make it work, but I suspect wealth taxes would be far more open to evasion and flat out fraud.

          I like the idea of a global wealth tax to prevent tax cheats from just moving assets across borders, but there again, insanely difficult to enforce and so easy to corrupt. The English and German speaking parts of the world are basically the only portions of the world that actually observe the rule of law on economic matters anyway -- most of the rest of the planet just operates on graft and bribery. Giving FIFA the powers of the IRS is likely not a good thing.
          Cornell University
          National Champion 1967, 1970
          ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
          Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

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          • #80
            Re: Nice Planet IX: Oh that's just GREAT...

            Originally posted by Kepler View Post
            most of the rest of the planet just operates on graft and bribery.
            So does the US, we merely call it "campaign contributions" and "lobbying" but the principle is exactly the same.

            The most attractive merit of the so-called "flat [income] tax" is to remove the chicanery from the tax code. Make it in two or three bands if you wish, but no exemptions no deductions nothing:
            0% on income up to $xx,xxx, 5% on income up to $yyy,yyy, 10% on income up to $z,zzz,zzz and then 17.5% on anything above that.
            "Hope is a good thing; maybe the best of things."

            "Beer is a sign that God loves us and wants us to be happy." -- Benjamin Franklin

            "Being Irish, he had an abiding sense of tragedy, which sustained him through temporary periods of joy." -- W. B. Yeats

            "People generally are most impatient with those flaws in others about which they are most ashamed of in themselves." - folk wisdom

            Comment

            • #81
              Re: Nice Planet IX: Oh that's just GREAT...

              Originally posted by FreshFish View Post
              0% on income up to $xx,xxx, 5% on income up to $yyy,yyy, 10% on income up to $z,zzz,zzz and then 17.5% on anything above that.
              So, what you're saying is, the current tax system is what you want? Because that's precisely how it works.
              Code:
              As of 9/21/10:         As of 9/13/10:
College Hockey 6       College Football 0
BTHC 4                 WCHA FC:  1
              Originally posted by SanTropez
              May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
              Originally posted by bigblue_dl
              I don't even know how to classify magic vagina smoke babies..
              Originally posted by Kepler
              When the giraffes start building radio telescopes they can join too.
              He's probably going to be a superstar but that man has more baggage than North West

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              • #82
                Re: Nice Planet IX: Oh that's just GREAT...

                I proposed this before
                Tax everything - everyone files singly
                $45,000 deduction
                Pay tax on the rest. 15% floor and maybe another bracket on taxable income over $500,000

                Because of strategies of some of the population that would be impacted by such a radical change in the tax code, there will be a 5 year phase in where
                Year 1 80% old 20% new
                Year 2 60% old 40% new
                Year 3 40% old 60% new
                Year 4 20% old 80% new
                Year 5 100% new code
                CCT '77 & '78
                4 kids
                5 grandsons (BCA 7/09, CJA 5/14, JDL 8/14, JFL 6/16, PJL 7/18)
                1 granddaughter (EML 4/18)

                ”Any society that would give up a little liberty to gain a little security will deserve neither and lose both.”
                - Benjamin Franklin

                Banned from the St. Lawrence University Facebook page - March 2016 (But I got better).

                I want to live forever. So far, so good.

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                • #83
                  Re: Nice Planet IX: Oh that's just GREAT...

                  Originally posted by FreshFish View Post
                  So does the US, we merely call it "campaign contributions" and "lobbying" but the principle is exactly the same.
                  So you must be against Citizen's United and for public financing of campaigns?

                  Comment

                  • #84
                    Re: Nice Planet IX: Oh that's just GREAT...

                    Originally posted by joecct View Post
                    I proposed this before
                    Tax everything - everyone files singly
                    $45,000 deduction
                    Pay tax on the rest. 15% floor and maybe another bracket on taxable income over $500,000
                    That's pretty much how the Swedish "federal" income tax works: 0% on tax up to ~$80K (can't remember exactly) and then 25% after that.

                    OF course, every single dollar is also taxed ~20% by your local "state," so the two tax brackets end up being 20% and 45%.
                    If you don't change the world today, how can it be any better tomorrow?

                    Comment

                    • #85
                      Re: Nice Planet IX: Oh that's just GREAT...

                      Nice law

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                      • #86
                        Re: Nice Planet IX: Oh that's just GREAT...

                        Originally posted by Priceless View Post
                        Nice law
                        It's a good law (we have a similar one in MN), however in this case there should be an exception. I'm not sure on the language of the law; if the law allows exceptions or not, but I would have to imagine it does.
                        Never really developed a taste for tequila. Kind of hard to understand how you make a drink out of something that sharp, inhospitable. Now, bourbon is easy to understand.
                        Tastes like a warm summer day. -Raylan Givens

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                        • #87
                          Re: Nice Planet IX: Oh that's just GREAT...

                          Fifty Shades of Grey DVD probably going to have a "Do not try this at home" disclaimer. http://www.newser.com/story/203125/f...n-in-jail.html

                          Comment

                          • #88
                            Re: Nice Planet IX: Oh that's just GREAT...

                            Originally posted by dxmnkd316 View Post
                            So, what you're saying is, the current tax system is what you want? Because that's precisely how it works.
                            I guess you missed the part about "no deductions, no exemptions, nothing" eh?
                            "Hope is a good thing; maybe the best of things."

                            "Beer is a sign that God loves us and wants us to be happy." -- Benjamin Franklin

                            "Being Irish, he had an abiding sense of tragedy, which sustained him through temporary periods of joy." -- W. B. Yeats

                            "People generally are most impatient with those flaws in others about which they are most ashamed of in themselves." - folk wisdom

                            Comment

                            • #89
                              Re: Nice Planet IX: Oh that's just GREAT...

                              Originally posted by Priceless View Post
                              So you must be against Citizen's United and for public financing of campaigns?

                              Public financing of campaigns? you cannot be serious. Who wants to feed leeches even more blood? the idea of using leeches to cure sick people by draining them of blood went out of style around 200 years ago.

                              Here is a much simpler and easier idea:
                              -- Congress is in session about three months every two years
                              -- no new laws passed without revising / updating existing laws first
                              -- no pensions for legislators (they can have a 403b but no pension)
                              -- legislator pay is based on their W2 / Schedule C / Schedule K income: everyone gets a pro-rata per diem based on their private sector income.
                              "Hope is a good thing; maybe the best of things."

                              "Beer is a sign that God loves us and wants us to be happy." -- Benjamin Franklin

                              "Being Irish, he had an abiding sense of tragedy, which sustained him through temporary periods of joy." -- W. B. Yeats

                              "People generally are most impatient with those flaws in others about which they are most ashamed of in themselves." - folk wisdom

                              Comment

                              • #90
                                Re: Nice Planet IX: Oh that's just GREAT...

                                Originally posted by FreshFish View Post
                                So does the US, we merely call it "campaign contributions" and "lobbying" but the principle is exactly the same.

                                The most attractive merit of the so-called "flat [income] tax" is to remove the chicanery from the tax code. Make it in two or three bands if you wish, but no exemptions no deductions nothing:
                                0% on income up to $xx,xxx, 5% on income up to $yyy,yyy, 10% on income up to $z,zzz,zzz and then 17.5% on anything above that.
                                I'm OK with that, but my bands are 10% / 30% / 50% / 70% / 90% and there's one more rule: the bands can move around, but the total anticipated revenue has to equal or exceed the prior year's expenditures. So maybe the band breaks will start out around $50k | $100k | $500k | $5M. That I can live with, even though my tax bill is going up.

                                All income (pay, inheritance, cap gains) is treated exactly the same. No exemptions, no deductions. Only individuals are taxed -- corporate taxes are simply the individual taxes on the corporation's owners levied as cap gains and management levied as income tax.

                                Sometime back around 2004 or so I wrote it all up in another thread and I think it polled about 90% approval on USCHO. :-)
                                Last edited by Kepler; 02-25-2015, 09:29 AM.
                                Cornell University
                                National Champion 1967, 1970
                                ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                                Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

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